8 minute read
An Interview with Paula Amorim
We’ve been pioneers for 150 years
Paula Amorim, President of Amorim Investimentos e Participações, reflects on the Amorim Group’s evolution, recalls the testimony of past generations and the striking example set by her father, in a rare interview in which she reaffirms the values that underpin the group’s culture and her passion for cork, as a mix of “science and creativity”.
How does a group whose origins date back to the end of the 19 th century remain at the forefront of the business?
That’s a good question! From everything I know of our family, my experience with my father, from the family stories I’ve heard, I would say that there is one key characteristic that unites us over four generations: resilience. Also tremendous enthusiasm and commitment, combined with the capacity for fast and solid adaptation to changes and evolve over time. We always want to go further and do better.
You are a member of the fourth generation of your family. What transversal values would you highlight as being essential to the Amorim group’s success story?
Undoubtedly, the passion for cork is our greatest value, that’s what unites us all. Business is a passion, and we are deeply proud of the way that our business has evolved and how we have managed to transform our own waste into something useful and developed such a wide diversity of cork-based products and components. This business is based on a combination of creativity and science: it requires in-depth study and analysis, and also creativity. This special “mix” is truly inspiring, starting with the different potentialities that cork offers us, as a natural, unique and very Portuguese raw material.
How do you see the future of cork?
The world is looking for increasingly sustainable materials, because it senses and identifies with this need. Today there is a very strong global concern with the balance of the ecosystem. It is almost a struggle for survival of our species, to ensure living conditions on our planet Earth. Our product matches a current consumer “trend” and is also completely sustainable and necessary.
In this new dynamic, new generations of people are interested in rediscovering this very national raw material. How far do you think this new trend can go?
I believe that our core strength is the cork stopper business. A few years ago people began to show willingness to consume wines sealed with plastic stoppers and other artificial closures, but today things are moving in the opposite direction. Consuming a wine sealed with a cork stopper makes more and more sense, and this need will continue to grow, because people are looking for quality and sustainability. It is essential to defend the quality of cork stoppers, in order to ensure complete preservation of the wine. Cork also plays a key role in everything connected to the worlds of architecture and art. People want to live with cork not only in the bottle – which is associated with celebratory moments – but also in their surrounding environment. They want to achieve that presence in their homes, ranging from design objects to the flooring, walls, and thermal insulation ... People always think of alternatives that are functional, affordable and above all, sustainable. All of these elements will be increasingly important in our lives, and there is likely to be increasing demand for cork-based applications. That’s why we’ve been pioneers for 150 years.
Tell us a little about your relationship with Mr. Américo Amorim, as a businessman and as a father.
Our relationship was mainly based on respect and admiration. Although there was a 40-year age gap between us, I never felt that distance. I felt that I was working with a young man, someone with a longevity that gave the feeling that he was almost eternal. We always shared a great sense of empathy, it was a very healthy relationship, with tremendous complicity. I always felt deeply aligned with his vision and strategic thinking. Obviously in relation to his style, and sometimes in his working style, I sensed that there was a generational gap, and differences of personality, because ultimately we are all different. But it was always a great pleasure to work with him. I felt that I was learning every second. And the person I am today is due to him and the closeness I felt to him.
Over the years your father must have tried to move you up within the group and give you more responsibilities. But you probably never wanted that. Was there any special reason?
My father was someone who worked until the very end. I had my own ambitions, and after many years of working with him, I assumed a number of responsibilities from him. The group was his, the decisions were his, but after a certain point I wanted to take some risks and responsibility of my own. That’s why I started my own personal journey, at the age of 34 – entirely personal, even financially – while always maintaining the special bond and connection to the group.
Cork was the beginning of everything, but, especially during the 1980s and 1990s, there was a great diversification of your portfolio, as the group entered various sectors of the economy. What business areas beyond the universe of cork would you highlight?
What did they bring to the group as a whole? I think this diversification was fundamentally important. I believe that the group’s fame and good reputation today are largely due to our diversity and the fact that we are involved in strategic business sectors, and innovative ventures. In addition to banking, we have been involved in textiles, real estate, tourism – so many activities ... I don’t know any group that is so diverse. I think this is due to my father’s enthusiasm for doing different things, wherever he recognized quality in the project, regardless of the area. Américo Amorim had great vision, and wasn’t afraid. He liked to take risks, and whenever the opportunity arose, he would grab it. Obviously, we all have different rhythms and risk perceptions. He had a strong desire to expand, but this vision wasn’t always shared by the shareholders. I think that at some point there was a consensus that the group should refocus on its core activity – of cork. And privately, the shareholders, i.e. the brothers and sisters, could develop their own activities in other areas. So today, we are focused on the family’s historic business.
Américo Amorim made a lot of trips, forging a path for cork around the world. Did he talk about this?
He did. He was extremely talkative and I heard these wonderful stories on many occasions, but it was always as if I was hearing them for the first time. Fantastic stories, that revealed great audacity, not least because he was very young, especially when compared to other players in the sector. Portugal was a small country, and at the time had immense restrictions. So the only way to expand was outside Portugal. He always travelled in a very spartan manner. In a railroad sleeping car, usually in second class. So they certainly weren’t easy trips. But that’s how the group made its big leap forward – through the exponential growth of exports and market diversification.
There’s the story of how he welcomed young Austrians during World War II, and that this later led to opening of the group’s first branch abroad. Have these values of solidarity, altruism, and community, always been passed down through generations?
Yes. My father had a strong character trait: when he believed in someone, he trusted them and was committed to them. He had a very keen sensitivity. He believed and trusted them and it worked. I think this is part of the profile of a businessman, of an entrepreneur – obviously this trait is stronger in some than others. But it is based on this characteristic of fearlessly taking certain decisions. There is always a risk, but also a return.
He was very down to earth. Did he always maintain that proximity to the business?
Always. He used to say that you can’t “make new factories every day”, but his position in other areas of business activity reflects precisely that. His willingness to take risks. In fact, in his mind, doing business every day was what made sense. That was his purpose in life. Hence his strategy of diversifying the group was motivated by his own enthusiasm, which led him to look for other business areas.
The group has been run by four generations, which people would you highlight?
Right now, I think that the person who unifies and personifies the family, and our enthusiasm for the business, is António Rios de Amorim. We live in a time when rethinking the business and sustainability issues are at the top of the agenda, in governments, and in society. I think he is the right person at the right time. An excellent manager, with a rare dedication and passion for cork. If I had to single out one person, it would be him.
Your father once said that he was guided by “10-year plans”. How do you foresee the next decades?
Today we can no longer make plans for ten years (laughter). If we make 5-year plans that’s already very good. Yes, he made 10-year plans, but he was very intuitive. He was also able to quickly adapt his plans. That’s also how I see the challenges I have to face: with careful planning and also with the ability to adapt to change, at every moment, never missing any opportunity to improve and grow.
